Dubai: Abu Dhabi Financial Group L.L.C (ADFG), an investment group, and SHUAA Capital on Wednesday announced that they have agreed terms to combine the two businesses.
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Under the transaction, SHUAA will issue 1.47 billion new SHUAA shares to ADFG’s parent company Abu Dhabi Capital Management in return for the entire issued share capital of ADFG. This implies the strategic investor will own 58 per cent of the enlarged entity.
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As a demonstration of the Strategic Investor’s commitment to the transaction, the new SHUAA shares will be subject to a 12-month lock-up from the date of admission. The agreed valuation represents a 60 per cent premium to the undisturbed SHUAA share price.
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Following the admission of the new SHUAA shares, the issued share capital of SHUAA will increase from 1.065 millipn SHUAA shares to 2.5 billion SHUAA shares. The combined entity will remain listed on Dubai Financial Market and is expected to be rebranded as ADFG with work on a full integration plan under way, the statement said.
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